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Echo Energy losses deepen as expenses rise

By BFN News | 02:25 PM | Monday 16 April, 2018


Echo Energy said annual losses deepened as it re-focused its efforts on Latin America and wrote down the value of an expired licence in Tunisia. Net losses amounted to £7.4m, compared to £1.5m of red ink in 2016. Administrative expenses of £5.3m reflected higher staff costs and technical fees related to the group's restructuring. 'We are excited by the multiple drilling and workover opportunities in 2018, including the initial results of the first successful workover announced on 13 April, which will have the potential to add production, cashflow and additional reserves to the portfolio,' chief executive Fiona MacAulay said. At 2:25pm: (LON:ECHO) Echo Energy Plc share price was +0.35p at 15.4p Story provided by StockMarketWire.com

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